ORBIT INTERNATIONAL’S ELECTRONICS GROUP REPORTS MARCH BOOKINGS IN EXCESS OF $1,200,000
Hauppauge, New York, April 7, 2022 — Orbit International Corp. (OTC PINK:ORBT), an electronics manufacturer and software solution provider, today announced that its Electronics Group (“OEG”), reported bookings in excess of $1,200,000 for the month of March 2022. Deliveries for certain of these orders have already commenced and are expected to continue through the first quarter of 2023.
Mitchell Binder, President and CEO of Orbit International commented, “We are pleased to report that our OEG bookings for March 2022 were in excess of $1,200,000. These orders include an over $800,000 contract for engineering, qualification testing and prototype units, for the redesign of a display that the OEG supplies to a major military prime contractor for use on a significant aircraft program. Once the engineering is completed, we are expecting significant production orders for this redesigned unit over the next several years. In addition, our newly acquired subsidiary, Simulator Product Solutions LLC (“SPS”), received orders for more than $250,000 during March 2022. SPS continues to bid on a significant number of opportunities, although it faces competition for many of these orders.”
Binder added, “We believe our Power Group (“OPG”) is well positioned for increased bookings in 2022. We are expecting two significant orders to be received during the current second quarter. These orders had initially been expected during the first quarter. One contract is for a significant follow-on order for our VPX power supplies and the other is for a COTS power supply. We continue to believe that our OPG is at the forefront of VPX technology and that our VPX opportunities will be the driver of future revenue growth for this segment of our business. In addition, orders for our commercial power supplies, which had been adversely impacted by the pandemic, continue to increase and are tracking for improved bookings over the prior year.”
In January 2022, Orbit announced that its newly formed subsidiary, SPS, had completed its previously announced acquisition of the assets and business of Panel Products, Inc. (“Panel”), a Carson, CA based company founded by Nabil Radi in 1999. The transaction valued Panel at approximately $6,500,000, subject to adjustment, with $4,000,000 of the purchase price paid in cash at closing, an aggregate of up to $1,200,000 in performance related payments payable at the end of 2022 and 2023, and the issuance to Panel of a 19.9% ownership interest in SPS.
Orbit International Corp., through its Electronics Group, is involved in the development and manufacture of custom electronic device and subsystem solutions for military, industrial and commercial applications through its production facility in Hauppauge, New York. Orbit’s Power Group, also located in Hauppauge, NY, designs and manufactures a wide array of power products including AC power supplies, frequency converters, inverters, VME/VPX power supplies as well as various COTS power sources.
Certain matters discussed in this news release and oral statements made from time to time by representatives of the Company including, statements regarding our expectations of Orbit’s operating plans, deliveries under contracts and strategies generally; statements regarding our expectations of the performance of our business; expectations regarding costs and revenues, future operating results, additional orders, future business opportunities and continued growth, may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and the Federal securities laws. Although Orbit believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved.
Forward-looking information is subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those projected. Many of these factors are beyond Orbit International’s ability to control or predict. Important factors that may cause actual results to differ materially and that could impact Orbit International and the statements contained in this news release can be found in Orbit’s reports posted with the OTC Disclosure and News service. For forward-looking statements in this news release, Orbit claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Orbit assumes no obligation to update or supplement any forward-looking statements whether as a result of new information, future events or otherwise.
Chief Financial Officer